Arcades Shopping Centre up for sale

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The Arcades Shopping Centre in Ashton-Under-Lyne has been put up for sale at £24.25million.
 
The shopping Centre has 45 units spread over two floors and is let to the likes of Next, WH Smith, Wilko and New Look. It opened 20 years ago and is next to to the Ladysmith Centre and the Market Square, which is currently undergoing a £4.5m refurbishment.
 
Savills has been appointed by the receiver Daniel Smith of Grant Thornton to sell the shopping centre, Mark Garmon-Jones, investment director at Savills, said the guide price of £24.25m, reflects a net initial yield of 9 per cent.
 
It generates a rental income of approximately £2.9m per annum.
 
Daniel added: “With a strong tenant mix and numerous opportunities to increase long term income through asset management, we are confident this shopping centre investment will have wide appeal.”
 
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